Brick Duplex with Separate
For Sale
$265,000
343 Phelps Street, Scranton, PA 18509
Fully rented brick duplex with separate entrances and utilities, with tenants paying gas and electric.
Property Size2,000 SF
Days on Market120
Property Features for 343 Phelps Street
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,007
Building Details
Building Size
2,000 SF
Year Built
1940
Buildings
1
Construction
Brick
Listing Agency:
ERA One Source Realty
Listed By:
Manju Verma · License #RS375147
(570) 877-2778
Source:
Luxehomesnepa
Added: May 25
Changed: Sep 10
Last Checked: Sep 21 at 7:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ERA One Source Realty
Investment Insights
Based on property information with market context.
This brick duplex is fully rented and set up for tenant convenience with separate utilities and separate entrances. Tenant payments include gas and electric, which helps keep operating structure straightforward.
Unit 1 offers two bedrooms plus a study room, along with a living room, kitchen, one bathroom, and a patio. Unit 2 includes three bedrooms, a living room, kitchen, one bathroom, and a backyard.
The property is positioned close to major hospitals, universities, and medical buildings, and it is described as walkable to grocery stores, downtown Scranton, and restaurants. It also notes about a 5-minute drive to Viewmont and Steamtown Malls, supporting steady day-to-day demand for nearby services and amenities.
Unit 1 offers two bedrooms plus a study room, along with a living room, kitchen, one bathroom, and a patio. Unit 2 includes three bedrooms, a living room, kitchen, one bathroom, and a backyard.
The property is positioned close to major hospitals, universities, and medical buildings, and it is described as walkable to grocery stores, downtown Scranton, and restaurants. It also notes about a 5-minute drive to Viewmont and Steamtown Malls, supporting steady day-to-day demand for nearby services and amenities.
Key Highlights
- Brick duplex, fully rented
- Separate utilities and separate entrance for each unit
- Tenants pay gas and electric
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,493
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.22%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$329,860
$329.9K
Cap Rate 7%
$235,614
$235.6K
Cap Rate 9%
$183,256
$183.3K
Market Conditions
NOI Build-Up for 2,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.2K $12.60/SF
− Vacancy
−$1.6K −$0.82/SF
EGI
$23.6K $11.78/SF
− OpEx
−$7.1K −$3.53/SF
NOI
$16.5K $8.25/SF
Area
Lackawanna County, PA
Vacancy
6.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$329,860
Cap Rate 7%
$235,614
Cap Rate 9%
$183,256
Alternative Uses
Best Use
Multifamily LT 5
$235.6K
$206.2K – $274.9K
NOI $16,493 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$220.3K
$192.7K – $257.0K
NOI $15,419 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$507.6K
$444.2K – $592.3K
NOI $35,535 @ 7.0% cap · market cap 13.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,131
Businesses Nearby
Explore this area
Business Placement
Demographics for 18509, PA
13,720
Population
6,017
Households
2.3
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
3.0 sq mi
ZIP Area
4,573
Density / Sq Mi
$52,206
Median Household Income
$31,657
Median Earnings
$991
Median Rent
$176,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully rented brick duplex with separate entrances and utilities, with tenants paying gas and electric.
Where is this duplex located?
The property is located at 343 Phelps Street Scranton, PA.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Brick duplex, fully rented; Separate utilities and separate entrance for each unit; Tenants pay gas and electric
